Calculation details of the EPRA performance indicators at 30.09.2021
EPRA Earnings (total amount and amount per share)
Definition: Current result from strategic operational activities.
Purpose: A key measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings.
(x 1,000 EUR) | 30.09.2021 | 30.09.2020 | |
Net earnings per financial statements | 168,571 | 98,963 | |
To exclude: | |||
- Change in the fair value of investment properties and assets held | 16,795 | 15,051 | |
for sale | |||
(i) Change in the fair value of investment properties | -1,418 | -191 | |
(ii) Writeback of rents earned but not expired (other result on | 5,218 | 10,436 | |
the portfolio) | |||
(iii) Others (other result on the portfolio) | 12,995 | 4,806 | |
- Gains or losses on disposals of investment properties and other | -2,243 | -3,462 | |
non-financial assets | |||
- Losses on goodwill (other result on the portfolio) | 0 | 10,120 | |
- Change in the fair value of financial instruments | -22,793 | 21,450 | |
- Costs & interests on acquisitions and joint ventures | 0 | 0 | |
- Deferred taxes in respect of EPRA adjustments | 55 | 2,129 | |
(other result on the portfolio) | |||
- Adjustments related to joint ventures | 2,132 | 0 | |
- Minority interests in respect of the adjustments above | -1,321 | -6,334 | |
EPRA Earnings | 161,197 | 137,917 | |
Number of shares | 28,980,690 | 26,298,121 | |
EPRA Earnings per share (in EUR/share) | 5.56 | 5.24 |
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EPRA Diluted Earnings (total amount and amount per share)
Definition: Current result from strategic operational activities, taking into account the financial instruments with a potential dilutive impact at the closing date.
Purpose: A key indicator of a company's underlying operating results, taking into account the financial instruments with a potential dilutive impact at the closing date, and an indicator of the extent to which dividend payments are corroborated by the results.
(x 1,000 EUR) | 30.09.2021 | 30.09.2020 |
Net earnings per financial statements | 168,571 | 98,963 |
To exclude: | ||
- Change in the fair value of investment properties and assets held | 16,795 | 15,051 |
for sale | ||
(i) Change in the fair value of investment properties | -1,418 | -191 |
(ii) Writeback of rents earned but not expired (other result on | 5,218 | 10,436 |
the portfolio) | ||
(iii) Others (other result on the portfolio) | 12,995 | 4,806 |
- Gains or losses on disposals of investment properties and other | -2,243 | -3,462 |
non-financial assets | ||
- Losses on goodwill (other result on the portfolio) | 0 | 10,120 |
- Change in the fair value of financial instruments | -22,793 | 21,450 |
- Costs & interests on acquisitions and joint ventures | 0 | 0 |
- Deferred taxes in respect of EPRA adjustments | 55 | 2,129 |
(other result on the portfolio) | ||
- Adjustments related to joint ventures | 2,132 | 0 |
- Minority interests in respect of the adjustments above | -1,321 | -6,334 |
EPRA Earnings | 161,197 | 137,917 |
- Effect of the exercise of options, convertible debts or other | 0 | 0 |
equity instruments | ||
EPRA Diluted earnings | 161,197 | 137,917 |
Diluted number of shares | 28,998,365 | 26,317,916 |
EPRA Diluted Earnings per share (in EUR/share) | 5.56 | 5.24 |
EPRA NRV, EPRA NTA and EPRA NDV metrics
Definition : Net Asset Value (NAV) adjusted in accordance with the Best Practice Recommendations (BPR) Guidelines published by EPRA in October 2019 for application as from 2020.
Utility: Makes adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate investment company, under three different scenarios:
- The EPRA Net Reinstatement Value assumes that entities never sell assets and provide an estimation of the value required to rebuild the entity.
- The EPRA Net Tangible Assets assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax.
- The EPRA Net Disposal Value represents the value accruing to the company's shareholders under an
asset disposal scenario, resulting in the settlement of deferred taxes, the liquidation of financial instruments and the recognition of other liabilities for their maximum amount, net of any resulting tax.
For the sake of continuity and comparison with data published in the past, the EPRA NAV and EPRA NNNAV, concepts abandoned by the BPR Guidelines, were still calculated and published quarterly in 2020.
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As at 30.09.2021:
(x 1,000 EUR) | EPRA NRV | EPRA NTA | EPRA NDV |
IFRS Equity attributable to shareholders | 3,139,385 | 3,139,385 | 3,139,385 |
Include/Exclude*: | |||
i) Hybrid instruments | 0 | 0 | 0 |
Diluted net asset value (NAV) | 3,139,385 | 3,139,385 | 3,139,385 |
Include*: | |||
ii.a) Revaluation of IP (if IAS 40 cost option is used) | 0 | 0 | 0 |
ii.b) Revaluation of IPUC (if IAS 40 cost option is used) | 0 | 0 | 0 |
ii.c) Revaluation of other non-current investments | 0 | 0 | 0 |
iii) Revaluation of tenant leases held as finance leases | 84,123 | 84,123 | 84,123 |
iv) Revaluation of trading properties | 0 | 0 | 0 |
Diluted NAV at Fair Value | 3,223,508 | 3,223,508 | 3,223,508 |
Exclude*: | |||
v) Deferred tax in relation to fair value gains of IP | 43,472 | 43,472 | 0 |
vi) Fair value of financial instruments | 66,556 | 66,556 | 0 |
vii) Goodwill as a result of deferred tax | -35,782 | -35,782 | -35,782 |
viii.a) Goodwill as per the IFRS balance sheet | 0 | -11,045 | -11,045 |
viii.b) Intangibles as per the IFRS balance sheet | 0 | -2,589 | 0 |
Include*: | |||
ix) Fair value of fixed interest rate debt | 0 | 0 | -18,234 |
x) Revaluation of intangibles to fair value | 0 | 0 | 0 |
xi) Real estate transfer tax | 243,908 | 0 | 0 |
NAV | 3,541,662 | 3,284,120 | 3,158,448 |
Fully diluted number of shares | 31,673,683 | 31,673,683 | 31,673,683 |
NAV per share (in EUR/share) | 111.82 | 103.69 | 99.72 |
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As at 31.12.2020:
(x 1,000 EUR) | EPRA NRV | EPRA NTA | EPRA NDV |
IFRS Equity attributable to shareholders | 2,574,775 | 2,574,775 | 2,574,775 |
Include/Exclude*: | |||
i) Hybrid instruments | 0 | 0 | 0 |
Diluted net asset value (NAV) | 2,574,775 | 2,574,775 | 2,574,775 |
Include*: | |||
ii.a) Revaluation of IP (if IAS 40 cost option is used) | 0 | 0 | 0 |
ii.b) Revaluation of IPUC (if IAS 40 cost option is used) | 0 | 0 | 0 |
ii.c) Revaluation of other non-current investments | 0 | 0 | 0 |
iii) Revaluation of tenant leases held as finance leases | 90,967 | 90,967 | 90,967 |
iv) Revaluation of trading properties | 0 | 0 | 0 |
Diluted NAV at Fair Value | 2,665,742 | 2,665,742 | 2,665,742 |
Exclude*: | |||
v) Deferred tax in relation to fair value gains of IP | 43,675 | 43,675 | 0 |
vi) Fair value of financial instruments | 89,870 | 89,870 | 0 |
vii) Goodwill as a result of deferred tax | -35,782 | -35,782 | -35,782 |
viii.a) Goodwill as per the IFRS balance sheet | 0 | -11,045 | -11,045 |
viii.b) Intangibles as per the IFRS balance sheet | 0 | -2,172 | 0 |
Include*: | |||
ix) Fair value of fixed interest rate debt | 0 | 0 | -23,388 |
x) Revaluation of intangibles to fair value | 0 | 0 | 0 |
xi) Real estate transfer tax | 213,154 | 0 | 0 |
NAV | 2,976,658 | 2,750,288 | 2,595,527 |
Fully diluted number of shares | 27,033,633 | 27,033,633 | 27,033,633 |
NAV per share (in EUR/share) | 110.11 | 101.74 | 96.01 |
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EPRA Net Initial Yield (NIY) and EPRA 'topped-up' NIY
Definition: Annualised gross rental income based on the passing dates at the closing date of the financial statements, less property charges, all divided by the market value of the portfolio, plus the estimated transfer costs and duties at the time of the hypothetical disposal of investment properties. The EPRA 'topped-up' NIY incorporates an adjustment compared to the EPRA NIY relating to the expiry of the rent-free periods and other incentives.
Purpose: This indicator should help investors to judge how the valuation of portfolio X compares with that of portfolio Y.
(x 1,000,000 EUR) | 30.09.2021 | 31.12.2020 |
Investment properties at fair value | 5,638 | 4,869 |
Assets held for sale | -131 | -3 |
Development projects | -202 | -133 |
Properties available for lease | 5,305 | 4,733 |
Estimated transfer costs and rights resulting from the hypothetical | 233 | 209 |
disposal of investment properties | ||
Gross up completed property portfolio valuation | 5,538 | 4,941 |
Annualised gross rental revenues | 308 | 286 |
Property charges | -14 | -13 |
Annualised net rental revenues | 294 | 272 |
Rent-free periods expiring within 12 months and other lease incentives | 0 | 0 |
Topped-up annualised net rental income | 294 | 272 |
EPRA NIY | 5.3% | 5.5% |
EPRA 'Topped-up' NIY | 5.3% | 5.5% |
EPRA vacancy rate
Definition: Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio.
Purpose: A 'pure' indicator (%) of vacant space in investment property, based on the ERV.
(x 1,000 EUR) | 30.09.2021 | 31.12.2020 |
Rental space (in m²) | 2,299,796 | 2,144,753 |
Estimated Rental Value (ERV) of vacant space | 5,968 | 7,490 |
ERV of the total portfolio | 308,090 | 285,296 |
EPRA vacancy rate | 1.9% | 2.6% |
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Cofinimmo SA published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 16:07:05 UTC.